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Hungary – Current Tax Amnesty Program to End 31 December 2012

Hungary – Current Tax Amnesty Program to End

KPMG in Hungary reports that based on information from the Hungarian Ministry of National Economy, there are no plans to extend the tax amnesty program beyond the December 31, 2012 deadline. Individual taxpayers have been eligible to pay personal income tax at a reduced rate on repatriated financial assets held abroad, under the terms of the program. Furthermore, no punitive tax penalty or criminal consequences may be applied regarding the source of such income. That ends on December 31st.